LogicaCMG has started hosting EMXCo's EMX Message System - a straight-through processing platform for electronic orders and valuations of UK mutual funds.
As part of a three-year managed services deal, LogicaCMG will provide both application management and software development for the messaging platform.
Launched in June 2000, the EMX Message System allows fund managers, intermediaries and supermarkets to electronically transact investment products including unit trusts and OEICs.
EMXCo says its STP system is now used in over 20% of all transactions in the UK mutual funds market and electronic dealing is quicker and 75% less expensive than conventional telephone or paper-based processes.
LogicaCMG says its is working with EMXCo to develop a range of new functions for the platform, such as settlement.